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Gas prices are finally coming down, but how far?

Gasoline prices are displayed at an Exxon gas station on July 29, 2022 in Houston, Texas. (Photo: Brandon Bell/Getty Images)

U.S. gas prices have fallen for the 50th straight day, the fastest rate in more than a decade, according to the American Automobile Association.

The national average gas price currently stands at $4.13 per gallon, with eight states seeing prices fall below $4 per gallon.

By June, gas prices had peaked at $5.02 per gallon.

Currently, the average price of a gallon of gas in New York is $4.48 and it is $4.35 in New Jersey. In Connecticut, the average price has fallen to $4.31.

The nation’s cheapest gas can be found in Texas, where a gallon of regular currently averages $3.69.

“Consumers seem to be taking the pressure off their wallets by filling up less,” AAA spokesman Andrew Gross said. “And there is reason to be cautiously optimistic that pump prices will continue to fall, especially if global oil prices do not rise. But the overall situation remains highly volatile.”

President Joe Biden tweeted earlier this week that the current drop in gas prices is the fastest the country has seen in over a decade.

Biden’s critics, however, did not miss an opportunity to point out that gas is still nearly $2 a gallon more expensive than it was when Biden took office.

That said, gas prices may continue to fall in the future.

“If gas demand remains low as inventories increase, along with a continued reduction in crude oil prices, drivers will likely continue to see pump prices decline,” AAA said.

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